# Who are Airbus's customers? Who does Airbus earn revenue from?
Canonical: https://valuechain.wiki/airbus · Facet: customers · Updated: 2026-09-23T08:29:49.252243+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Airbus's confirmed revenue counterparties include Eutelsat Group, United Airlines Holdings, Inc., Voyager Technologies plus 4 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 7 revenue edges, backed by 14 dated sources, 3 of them primary filings (as of 2026-09-23).

### Eutelsat Group (high)  → /eutelsat.md
- metric: Units 440 satellites · 2024-12 to 2026-01 · cumulative Gen2 OneWeb order (100 + 340 units)
- note: Airbus Defence and Space builds Eutelsat's second-generation OneWeb LEO satellites, 100 units ordered in December 2024 plus a further 340 awarded in January 2026, for a cumulative 440. They are made on a newly installed Toulouse production line with deliveries starting from end-2026. This is the revenue mirror of the cost edge on the existing Eutelsat node.
- [confirms] SpaceNews (EN, news, published 2026-01-13) https://spacenews.com/eutelsat-orders-340-additional-satellites-to-replenish-oneweb-constellation/: "Eutelsat orders 340 additional satellites to replenish OneWeb constellation"
- [confirms] Airbus (EN, ir, published 2026-01-12) https://www.airbus.com/en/newsroom/press-releases/2026-01-airbus-awarded-eutelsat-contract-for-further-340-low-earth-orbit: "Together with the previous batch of 100 satellites procured in December 2024, the total number of satellites ordered by Eutelsat amounts to 440. The satellites will be manufactured at Airbus Defence and Space's Toulouse facility on a newly installed production line, with delivery from the end of 2026."

### 유나이티드항공 (high)  → /united-airlines-holdings.md
- metric: Count 214 aircraft · as of 2025-12-31 · Firm Airbus aircraft purchase commitments
- note: Airbus is United's other core aircraft supplier, with year-end 2025 firm commitments totaling 214 aircraft: 119 A321neos, 50 A321XLRs and 45 A350s.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-12) https://www.sec.gov/Archives/edgar/data/100517/000010051726000023/ual-20251231.htm: "At December 31, 2025, firm commitments included 119 Airbus A321neos, 50 A321XLRs and 45 A350s."
- [mentions] Korea Economic Daily (KO, news, published 2024-04-17) https://www.hankyung.com/article/202404177190i: "United announced plans to lease 35 Airbus A321neo aircraft in response to Boeing delivery concerns."

### Voyager Technologies (high)  → /voyager-technologies.md
- metric: commitment $80 · as of 2025-03-31 · cap on committed funded grant contributions for Starlab
- note: Airbus is lead architect of the habitation module for Starlab, the commercial space station joint venture led by Voyager Technologies, providing technical design and engineering. Per Voyager's S-1, Airbus agreed to contribute up to an aggregate $80.0 million in funded grant programs for Starlab (no capital contributed to date). This is the revenue mirror of the cost edge on the existing Voyager node.
- [mentions] Voyager Technologies (EN, ir, published 2025-06-11) https://voyagertechnologies.com/starlab/: "Airbus ... has the responsibility for constructing Starlab's habitat."
- [confirms] U.S. Securities and Exchange Commission (EN, filing, published 2025-06-02) https://www.sec.gov/Archives/edgar/data/1788060/000162828025029524/voyager-sx1a2.htm: "In addition, Airbus agreed to contribute to Starlab JV up to an aggregate amount of $80.0 million in funded grant programs awarded to Airbus or its affiliates specifically for use in connection with Starlab or the technologies to be deployed in connection therewith. To date, Airbus has not made any capital contributions to Starlab JV."
- [mentions] Washington Technology (EN, news, published 2025-05-15) https://www.washingtontechnology.com/companies/2025/05/voyager-further-illuminates-space-strategy-ipo-filing/405426/: "Beyond the equity stake, Airbus is referenced as the European design and manufacturing partner building Voyager's Starlab station."

### Airlines basket (IndiGo largest) (high)
- metric: Revenue share 72% · FY2025 · Commercial Aircraft €52.6B of €73.4B group revenue
- note: Commercial Aircraft is the core revenue source at €52.6B in FY2025, ~72% of group revenue. Customers are a global basket of airlines, with IndiGo of India the single largest, over 1,200 A320-family orders, roughly 17% of the record 8,754-aircraft backlog. In October 2025 IndiGo added 30 A350-900s, taking its A350 commitment to 60.
- [confirms] Airbus (EN, ir, published 2026-02-19) https://www.airbus.com/en/newsroom/press-releases/2026-02-airbus-reports-full-year-fy-2025-results: "Revenues generated by Airbus' commercial aircraft activities increased 4% to € 52.6 billion. ... The order backlog amounted to a year-end record of 8,754 commercial aircraft at the end of 2025."
- [mentions] Aviation A2Z (EN, news, published 2025-06-21) https://aviationa2z.com/index.php/2025/06/21/indigo-airlines-fleet-in-2025/: "IndiGo has more than 1,200 outstanding orders for A320 family aircraft, about 17% of the total backlog."

### Leonardo (high)  → /leonardo.md
- metric: Market share 50% · 현재 · ATR JV stake
- note: Leonardo co-owns the regional-aircraft maker ATR 50/50 with Airbus, and in 2025 agreed to combine space assets with Airbus and Thales under Project Bromo (Leonardo 32.5%).
- [confirms] Airbus (EN, ir, published 2025-10-23) https://www.airbus.com/en/newsroom/press-releases/2025-10-airbus-leonardo-and-thales-sign-memorandum-of-understanding-to: "On 23 Oct 2025 Airbus, Leonardo and Thales signed an MoU to combine their space businesses, owned 35% Airbus, 32.5% Leonardo and 32.5% Thales."

### Thales (high)  → /thales.md
- metric: Market share 32.5% · 2025-10 MoU · Bromo JV stake (Thales share)
- note: Project Bromo: in October 2025 Thales signed an MoU with Airbus and Leonardo to combine space activities into a leading European space player, split Airbus 35%, Thales 32.5%, Leonardo 32.5%, targeting operations in 2027.
- [confirms] Thales (EN, filing, published 2026-03-03) https://www.thalesgroup.com/sites/default/files/2026-03/Thales%20_-_FY_2025_-_Slideshow_-%20_03_March_2026_1.pdf: "MoU with Airbus and Leonardo to create a new European space company across the space value chain excluding launchers: €6.5bn revenue (2024 pro-forma), 25k+ employees, Airbus 35%, Thales 32.5%, Leonardo 32.5%, target operational launch 2027."

### 델타항공 (high)  → /delta-air-lines.md
- metric: Count 31 aircraft · Definitive Airbus widebody order signed 2026-01-27 · New firm order comprising 16 A330-900s and 15 A350-900s
- note: Airbus is a major aircraft supplier to Delta and received an additional firm order from the airline for 16 A330-900s and 15 A350-900s in January 2026.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-11) https://www.sec.gov/Archives/edgar/data/27904/000002790426000013/dal-20251231.htm: "purchase 16 Airbus A330-900 aircraft and 15 Airbus A350-900 aircraft"
- [confirms] Airbus (EN, ir, published 2026-01-28) https://www.airbus.com/en/newsroom/press-releases/2026-01-delta-air-lines-grows-airbus-fleet-with-order-for-31-additional-widebody-aircraft: "Delta Air Lines has placed a firm order for 31 latest generation aircraft."
- [confirms] Delta News Hub (KO, ir, published 2025-01-10) https://news.delta.com/deltahanggong-x-eeobeoseu-geullobeol-yeohaengui-milae-seolgyeleul-wihan-hyeogsinjeog-pateuneosib: "Delta said it operates about 500 Airbus aircraft and expects roughly 200 more deliveries in the coming years."

### European governments (Defence and Space) (high)
- metric: Revenue share 18% · FY2025 · Defence and Space €13.4B of €73.4B group revenue
- note: Defence and Space posted FY2025 revenue of €13.4B (+11%), ~18% of the group, serving mainly European governments and NATO (Eurofighter, A400M airlifter, A330 MRTT tanker, military satellites and helicopters). Direct U.S. DoD revenue is minimal. Division EBIT swung to +€798M from -€566M in 2024 as its transformation plan took hold.
- [confirms] Airbus (EN, ir, published 2026-02-19) https://www.airbus.com/en/newsroom/press-releases/2026-02-airbus-reports-full-year-fy-2025-results: "Revenues at Airbus Defence and Space increased 11% year-on-year to € 13.4 billion, driven by higher volumes across all business units. EBIT Adjusted at Airbus Defence and Space increased to € 798 million (2024: € -566 million)."

### Korean Air (mid)
- note: Korea is a strategic market and both supplier and customer touchpoint for Airbus. Korean Air's aerospace division makes A330neo Sharklets (wingtips) and A330 fuselage skin panels and floor assemblies, and in October 2025 deepened predictive-maintenance cooperation with Airbus. Korea Aerospace Industries (KAI) has supplied A330/A350 wing components from Sacheon since 1989.
- [mentions] Kookje Shinmun (KO, news, published 2025-10-19) https://www.kookje.co.kr/news2011/asp/newsbody.asp?code=0200&key=20251019.99099004005: "Korean Air is strengthening predictive-maintenance cooperation with Airbus."
- [mentions] Incheon Today (KO, news, published 2025-10-16) https://www.incheontoday.com/news/articleView.html?idxno=309839: "Airbus is ready to offer the next-generation A330 MRTT+ that meets the operational needs of the Republic of Korea Air Force."

Reverse side: https://valuechain.wiki/airbus/suppliers.md · Ripple: https://valuechain.wiki/airbus/ripple.md

---
Full node: https://valuechain.wiki/airbus.md · JSON: https://valuechain.wiki/airbus.json